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O'ahu Market Update - Sellers Still Getting Their Prices
Even with More Inventory

Last month the number of single family homes for sale was 43% higher than July of 2021. Buyers took longer to pull the trigger on properties, as illustrated by the increase in Median Days on Market from 9 days to 13 days. Yet, when buyers did make their offer, on average, buyers paid 100% of the asking price of a home. What does this all mean? Buyers have more properties that meet their criteria and it takes a bit extra time to see all of them. Also, they are still aggressive with their offers to fend off competition, resulting in the average and median sales prices for homes rising once again last month (7.2% and 1.9%).

The condominium and townhome market tells a slightly different story. While buyers also paid the list price to purchase condos (100% Sales to List Price Ratio for condos in July), prices softened slightly. The median price for a condominium in July dropped to $498,500 (-.3%) and to $547,319 (-11.5%). Just like single family homes, the median days on the market last month for condos was 13 days, up from 12 the year before.

A few other takeaways from last month: the number of new homes for sale dropped significantly for both homes and condos, so waiting for new properties to come on to the market takes longer than expected. Also, even though prices are not rising like they have in the past, prices are still significantly higher than they were 2 years ago (15% higher for single family homes and 20% higher for condos).

Read the full report from the Honolulu Board of REALTORS® here.

 
 
 

Homebuyers Workshop on 9.28

Sometimes, it just means taking the first step. We host monthly virtual workshops hosted by experienced Brokers and Loan Officers. The casual information sessions are interactive and designed to let you have all your questions answered. We will discuss:

  • How to build wealth for you and your family.
  • Realtors share experience from 30+ years in the business.
  • Loan Officers coach do’s and don’t’s to get a loan.
  • Leave with the confidence and connections to get started.

To register for this FREE workshop, please visit here.

 
 
 

Homebuyers Catch a Break

If you’ve been discouraged about buying a home because the housing market is too competitive, you'd like the latest 2022 forecast update from Realtor.com.

Inflation, higher home prices and higher mortgage rates are impacting affordability, which has caused many homebuyers to move to the sidelines. In April 2022, existing home sales dropped 2.4% from March, and 5.9% year-over-year, partly due to mortgage interest rates crossing 5% for the first time in decades. Meanwhile, home prices in April rose 14.8%.

Home sellers are responding by putting more homes on the market in an effort to cash in before prices possibly begin to fall. Active listings, or homes listed for sale, are anticipated to grow 15% year-over-year in the second half of 2022. Home builders are stepping up production, too, by about 5%, so buyers will have more inventory to choose from. Home sellers will have to become more competitive, which will invite wait-and-see homebuyers back into the market. Housing sales volume for 2022 should be the second-highest in 15 years, even though a decline of 6.7% from 2021 is anticipated.

With unemployment rate near 50-year lows, wage growth should rise 3.8%, and flexibility to work remotely, even out of state, will continue. First quarter data showed that 40.5% of Realtor.com® home shoppers viewed listings located outside of their current state, up from 33.4% in 2020.

That said, affordability will remain an issue for many homebuyers as home sales prices rise 6.6% and mortgage rates reach 5.5% by the end of the year.

 
 
 

Five Ways to Discourage Burglars

There’s more you can do to discourage burglars than an alarm system when you’re away. Burglars look for easy targets, where they can get in and out quickly. They pick a house and watch it to learn your comings and goings and for signs that you’re gone. So what can you do? Make it harder for burglars.

Smart Phone Security. Make cameras visible and install them in more places than the front door. You can access your security cameras anytime, anywhere and get alerts when visitors are detected. You can store video clips and record audio in the cloud. 

Neighbors. Meet your neighbors and exchange numbers. Watch their homes when they’re gone and ask them to watch yours for any suspicious activity. Have your neighbor pick up mail, flyers on your door or packages left on your doorstep.

Trash. Burglars look through trash for valuable personal records and through empty boxes to learn about purchases, such as pricey new electronics. Make sure to shred important documents you wouldn’t want them to get ahold of.

Lighting. Motion detector lighting is startling and may discourage a burglar from entering your home. It’s worth it keeping your home well-lit with landscape lighting that illuminates windows, doors and walkways. Use on-off light timers, T.V. flicker simulators and large dog bark recordings to simulate that someone’s at home.  

Vehicles. Many burglars break into cars to get addresses and other information. Keep your car and glovebox locked. Don’t leave your garage opener visible. Instead, pair your opener with your smartphone so only you can access your home.

 
 
 

Local Flavor

"Try These Local-Style Vegan Plate Lunches on O‘ahu"

It might sound too good to be true, but O‘ahu has options where vegans can indulge in local plate lunch staples, too. We’re talking 100% plant-based katsu, Korean fried chicken, loco moco and of course, mac salad.

  • Badass Burgers (Pop-up at Grace in Growlers in Kailua)

  • Level V Lunchroom (1316 Pi‘ikoi Street)

  • ‘Umeke Market (1001 Bishop Street, Ste 110)

To read the full article from Honolulu Magazine, please visit here.

 
 
 

MY GOAL IS TO MAKE YOUR GOALS MATERIALIZE AND BECOME A REALITY.

Whether buying or selling, you deserve an agent empowered to think beyond the next transaction – one who will consider your long-term goals. I am committed and appreciate your trust in me and my abilities! I am always available to discuss your options and make it happen! I welcome your referrals too!

Thank you for allowing me to be a part of your goals and dreams! Mahalo Lila

Berkshire Hathaway HomeServices Hawai'i Realty
Lila Marino-Camacho
Realtor Associate, RS-63620
808.341.6034
lilamc@bhhshawaii.com
www.KailuaRealEstateOahu.com

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HI Lic #: RS-63620
46 Hoolai St. #D Kailua, HI 96734

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